Answer:
true
Explanation:
Services are different than products because they:
- products can be stored for future use while services perish immediately after being performed or if they are not consumed, e.g. unsold spaces in a theater cannot be stored for later use ⇒ Perishability
- products are tangible, while services cannot be measured, weighted, etc. ⇒ Intangibility
- products can be mass produced and can be homogeneous, while services are unique because every time they are consumed, the experience varies depending on the conditions and circumstances that surround it ⇒ Heterogeneity
- You can own and transfer the title of a product, while you cannot transfer the title of services, e.g. you rent the room of a hotel for a night but that doesn't make you owner of the room ⇒ Ownership
- Products are independent and separate from the people or machines that produce them, while services cannot be separated from the people or things that provide them ⇒ Inseparability
Answer:
While setting the price of a product, managers must consider all of the following: A) cost of the whole marketing mix B) buying capacity of the customers C) profit it should bring the company D) transportation cost E) personnel cost to the company
Explanation:
Key factors in calculating the sale price can be:
- Costs are a major factor in determining the selling price and a way of forming a price that is primarily related to costs called “ground” because it represents the minimum at which the price can be set. It includes cost plus other costs with no projected or minimal profit;
- Demand/buying capacity as a key factor in price calculation is tied to a method called the "ceiling" because capacity exceeds the price limit that customers are willing to accept to get a product or service.
- Competition as a pricing factor refers to alternatives that customers can choose from, and competition allows them to do so;
Cost-based pricing has its sub-methods such is Cost plus method
The basic principle is to add a rate of profit to the sum of direct and indirect costs. This way price consider a profit to it should bring to company.
Direct costs include material and labor costs, and indirect or general costs comprise a portion of fixed indirect costs such as depreciation, administration costs, sales costs and other general costs.
Formula: price = Direct costs + Indirect costs + Rate of profit
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Artificial selection is the intentional reproduction of individuals in a population that have desirable traits. In organisms that reproduce sexually, two adults that possess a desired trait — such as two parent plants that are tall — are bred together.
